US Services and Manufacturing PMI Increase, Boosting Odds of October Fed Rate Hike

[SMM Daily Review: US PMI Beats Expectations and Geopolitical Risks Escalate, Silver Prices Fall Under Pressure] SMM, September 24: US manufacturing and services PMIs both hit multi-year highs in September, and the probability of a rate hike in October rose to 75%. Combined with escalating US-Iran tensions, precious metals fell under pressure. In the spot market, stockpiling ahead of the dual holidays briefly boosted trading before it weakened. Silver prices declined today, downstream inquiries remained stable, holiday sentiment was strong, and transactions were concentrated near parity.

[SMM Precious Metal Express] Iran's president said in his UN General Assembly speech that the country does not accept threats from powerful nations, stressing its stance on safeguarding national sovereignty, while US representatives walked out during the speech. Iran's Supreme National Security Council secretary said Tehran will not rush into talks and that reopening the Strait of Hormuz requires Iran's conditions to be met. Tasnim News Agency, closely linked to the Revolutionary Guard, said the Iranian foreign minister's contact with the US envoy was unauthorized, describing it as a "mistake" and demanding an explanation. Iran also warned neighboring countries not to comply with US restrictions on airlines.